A Conventional loan is a loan that is not backed by any government entity but instead available through banks, lenders, mortgage companies, and credit unions, unlike FHA loans. The majority of conventional loans due follow government guidelines so they can easily be guaranteed by a government-sponsored enterprise. The two government-sponsored…
FHA Loans
FHA loans are federally backed loans by the Federal Housing Administration (FHA) a division of the U.S. Department of Housing and Urban Development (HUD) unlike conventional loans. FHA loans are primarily used for single-family or multi-family homes. FHA loans can only be done by approved lenders and have strict guidelines…